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Australian (ASX) Market Analysis & Valuation

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies1576
  • 7D3.1%
  • 3M1.0%
  • 1Y20.7%
  • YTD1.1%

The market is up 3.1% over the last week, with the Financials sector leading the way, up 4.7%. In contrast, the Energy sector is lagging, dropping 6.0%. The market is up 21% over the last 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Australian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026AU$3.0tAU$1.2tAU$113.9b17.7x26.3x2.5x
Sat, 07 Mar 2026AU$3.0tAU$1.2tAU$111.3b19.2x26.7x2.5x
Mon, 02 Feb 2026AU$3.0tAU$1.2tAU$108.3b21.5x27.8x2.5x
Wed, 31 Dec 2025AU$3.0tAU$1.2tAU$109.7b21.6x27x2.5x
Fri, 28 Nov 2025AU$2.9tAU$1.2tAU$110.4b21.4x26.5x2.4x
Sun, 26 Oct 2025AU$2.9tAU$1.2tAU$103.6b21.8x28.2x2.5x
Tue, 23 Sep 2025AU$3.0tAU$1.2tAU$110.9b20.5x26.9x2.5x
Thu, 21 Aug 2025AU$3.0tAU$1.2tAU$104.8b18.8x28.7x2.5x
Sat, 19 Jul 2025AU$2.9tAU$1.2tAU$102.5b18.4x28.7x2.4x
Mon, 16 Jun 2025AU$2.9tAU$1.2tAU$102.7b18.1x27.8x2.4x
Wed, 14 May 2025AU$2.8tAU$1.2tAU$103.7b18x26.7x2.3x
Fri, 11 Apr 2025AU$2.6tAU$1.2tAU$105.9b16.9x24.2x2.1x
Sun, 09 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.9x25.3x2.2x
Tue, 04 Feb 2025AU$2.8tAU$1.2tAU$90.9b19.3x30.6x2.4x
Thu, 02 Jan 2025AU$2.7tAU$1.2tAU$90.3b19.9x29.9x2.3x
Sat, 30 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.6x31.5x2.4x
Mon, 28 Oct 2024AU$2.7tAU$1.2tAU$88.3b19.9x30.7x2.3x
Wed, 25 Sep 2024AU$2.7tAU$1.2tAU$87.6b19.5x30.7x2.3x
Fri, 23 Aug 2024AU$2.6tAU$1.1tAU$87.8b19.7x30.2x2.3x
Sun, 21 Jul 2024AU$2.6tAU$1.2tAU$91.2b19.2x29x2.3x
Tue, 18 Jun 2024AU$2.6tAU$1.2tAU$92.4b18.8x27.8x2.2x
Thu, 16 May 2024AU$2.6tAU$1.2tAU$93.0b19.7x27.8x2.2x
Sat, 13 Apr 2024AU$2.6tAU$1.2tAU$95.3b20.3x27.2x2.2x
Mon, 11 Mar 2024AU$2.6tAU$1.2tAU$96.5b19.6x27.2x2.2x
Wed, 07 Feb 2024AU$2.5tAU$1.2tAU$118.2b19x21.3x2.2x
Fri, 05 Jan 2024AU$2.5tAU$1.2tAU$115.1b18.5x21.9x2.2x
Sun, 03 Dec 2023AU$2.4tAU$1.2tAU$115.5b18x20.5x2x
Tue, 31 Oct 2023AU$2.3tAU$1.2tAU$119.5b17.3x19.1x1.9x
Thu, 28 Sep 2023AU$2.4tAU$1.2tAU$120.5b17.9x19.7x2x
Sat, 26 Aug 2023AU$2.4tAU$1.2tAU$125.3b17.1x19.2x2x
Mon, 24 Jul 2023AU$2.5tAU$1.2tAU$144.9b16.6x17x2.1x
Wed, 21 Jun 2023AU$2.5tAU$1.2tAU$144.3b16.2x17x2.1x
Fri, 19 May 2023AU$2.4tAU$1.2tAU$145.6b16.3x16.6x2.1x
Sun, 16 Apr 2023AU$2.5tAU$1.2tAU$144.3b16.2x17.1x2.1x
Price to Earnings Ratio

17.1x


Total Market Cap: AU$2.5tTotal Earnings: AU$144.3bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Australian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.4x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.6% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market3.12%
Tech6.81%
Financials4.67%
Materials4.07%
Consumer Discretionary3.83%
Real Estate3.08%
Industrials2.77%
Telecom1.31%
Consumer Staples0.71%
Healthcare0.61%
Utilities-2.09%
Energy-6.01%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.1%, which is higher than its past year's earnings growth of 14.0% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 170x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
BHP BHP GroupAU$54.566.5%
+AU$16.9b		51.6%PE19.1xMaterials
CBA Commonwealth Bank of AustraliaAU$182.535.6%
+AU$16.3b		18.1%PB4xFinancials
NAB National Australia BankAU$45.508.9%
+AU$11.3b		34.5%PB2.2xFinancials
WBC Westpac BankingAU$42.657.0%
+AU$9.6b		39.3%PB2xFinancials
MQG Macquarie GroupAU$223.898.9%
+AU$6.7b		24.1%PE22.6xFinancials
See more

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Latest News

DRO
AU$3.50
DroneShield
7D
-10.9%
1Y
266.5%
NHC
AU$5.32
New Hope
7D
-8.9%
1Y
44.6%

NHC: Rich Multiple And Coal Output Will Limit Future Upside Potential

Analysts have raised their price target on New Hope to A$5.03 from A$4.24, citing updated assumptions for revenue growth, profit margins and future P/E that together indicate a higher assessed fair value. What's in the News Declared a fully franked interim ordinary dividend of A$0.10 per share for the six months to January 31, 2026, payable on April 20, 2026, to shareholders on record as of April 1, 2026, with shares trading ex dividend on March 31, 2026 (company announcement).
ORG
AU$12.35
Origin Energy
7D
-1.9%
1Y
22.0%

ORG: Updated Guidance And Margin Outlook Will Support Measured Fair Value View

Analysts have nudged their fair value estimate for Origin Energy slightly higher to A$12.17 from A$12.15, reflecting updated assumptions around revenue growth, profit margins, and a modestly lower future P/E multiple. What's in the News Origin Energy held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions across the business (Key Developments).
CBA
AU$182.53
Commonwealth Bank of Australia
7D
5.6%
1Y
18.1%

CBA: Elevated P/E And Margin Risks May Restrain Fully Franked Dividend Appeal

Analysts have trimmed their fair value estimate for Commonwealth Bank of Australia by A$1.27 to A$126.17, reflecting slightly lower assumed future P/E multiples, as well as marginally higher revenue growth and profit margin forecasts under a modestly reduced discount rate. Analyst Commentary Recent valuation work on Commonwealth Bank of Australia sits against a backdrop of broadly constructive research across other financials, where several global insurers have seen higher price targets and, in some cases, rating upgrades.
WHC
AU$8.39
Whitehaven Coal
7D
-7.6%
1Y
74.8%

WHC: Lower Coal Assumptions And Rich P/E Will Pressure Shares

Analysts have trimmed their A$ price targets on Whitehaven Coal, including a move to A$10 from A$11, alongside updated long term commodity price assumptions. The modelled fair value used here shifts from A$6.44 to A$6.83 based on revised revenue growth, profit margin and future P/E inputs.
BHP
AU$54.56
BHP Group
7D
6.5%
1Y
51.6%

BHP: Commodity Mix And China Stabilization Will Shape Fairly Valued Outlook

The analyst fair value estimate for BHP Group has increased modestly to A$53.37 from A$52.50, reflecting updated assumptions about slightly stronger revenue growth and a refreshed set of mixed but generally constructive price targets from recent Street research. Analyst Commentary Recent Street research on BHP Group shows a mix of optimism on long term prospects and caution around valuation and execution risks, which helps explain the modest adjustment in the fair value estimate.
WES
AU$76.52
Wesfarmers
7D
4.3%
1Y
6.3%

WES: Neutral Stance And Execution Risks Will Restrain Future P/E Upside

The analyst price target for Wesfarmers has been trimmed by about A$1 to reflect a slightly lower fair value and P/E multiple, with analysts pointing to updated models and recent neutral views in the wider market as key drivers of the change. Analyst Commentary Recent Street views on Wesfarmers sit on the cautious side, with the trimmed price target and lower implied P/E multiple fitting into a broader pattern of restraint from Bearish analysts.
MQG
AU$223.89
Macquarie Group
7D
8.9%
1Y
24.1%
NAB
AU$45.50
National Australia Bank
7D
8.9%
1Y
34.5%

NAB: Future Earnings Multiple Will Reflect Improved Margin And Revenue Assumptions

Analysts now set their fair value estimate for National Australia Bank at A$50.64, up from A$46.31, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions, even as some firms have recently issued downgrades. Analyst Commentary Recent broker moves on National Australia Bank send a mixed message, with some high profile downgrades from firms like JPMorgan and Morgan Stanley sitting alongside a higher fair value estimate of A$50.64.
NST
AU$24.47
Northern Star Resources
7D
11.7%
1Y
20.7%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
STO
AU$7.95
Santos
7D
-1.6%
1Y
43.0%

STO: Future Returns Will Reflect Low Costs And Papua LNG Execution Risk

The analyst fair value estimate for Santos has shifted from A$7.95 to A$8.49. The change is linked to recent upgrades that highlight the company's low cost model and planned production growth as key supports for higher price targets around A$7.30 to A$7.50.
WDS
AU$33.33
Woodside Energy Group
7D
-4.6%
1Y
66.2%

WDS: Higher Multiple Assumptions Will Expose Earnings To Execution Risks

Analysts have lifted their fair value estimate for Woodside Energy Group from about A$27.16 to about A$31.69, reflecting updated assumptions for modest revenue growth, slightly higher profit margins and a somewhat higher future P/E multiple. Analyst Commentary Analysts have refreshed their views around Woodside Energy Group's fair value based on updated assumptions for revenue, margins and the future P/E multiple, and the new estimate of about A$31.69 captures both optimism about execution and caution around risks to that outlook.
COL
AU$22.25
Coles Group
7D
-1.6%
1Y
6.8%

COL: Firm Margins And Lower Leakage Are Expected To Sustain Fair Value

Analysts have lifted their price target for Coles Group to A$23, reflecting updated views that relatively healthy growth, firm margins and progress in reducing non food channel leakage support a somewhat higher valuation multiple and a slightly lower discount rate in current models. Analyst Commentary Bullish Takeaways Bullish analysts see the A$23 price target as supported by relatively healthy growth, which they view as sufficient to underpin the revised valuation rather than stretching it.
WBC
AU$42.65
Westpac Banking
7D
7.0%
1Y
39.3%

WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside

Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.
ANZ
AU$38.75
ANZ Group Holdings
7D
5.8%
1Y
41.3%

ANZ: Mixed Broker Views And Payments JV Outcome Will Shape Forward Fairness

The analyst price target for ANZ Group Holdings has shifted slightly lower to around A$37.07. Analysts point to modest adjustments to revenue growth assumptions and the forward P/E multiple, partly offset by a slightly higher profit margin outlook and recent mixed broker views, including a downgrade to Neutral at A$38.14.
YAL
AU$7.44
Yancoal Australia
7D
-10.0%
1Y
52.8%